There is a lot of misinformation about real estate, especially when it comes to what is actually happening in the market currently. Hopefully this sets the record straight, well, at least my point of view on it.
It is NOT a buyer's market right now. At least not from the perspective of being able to make offers that are way under asking price.
It is technically a buyer's market when you consider that home prices are a lot lower than they were a few years ago, plus the fact that we have very low interest rates. But the day of low balling most sellers and coming away with a deal are not here anymore.
The truth is, we are seeing many properties attract multiple offers, which favors the seller, not the buyer.
On average, sellers are getting around 98 percent of asking price in a place like Ankeny. Home that are priced well and look great, are selling in DAYS in some cases, and not week or months.
Here is what I know to be true. There are not currently enough good homes on the market. If you have a great looking, well cared for home, now would be an awesome time to try to sell it. I am working with ready and able buyers right now who cannot find a good house to buy. There is not an inventory problem, just a good house problem right now.
Because of this, the really good homes, get snapped up quickly.
The same applies to foreclosures. I just completed a deal for a buyer where there were multiple offers on a foreclosure. They had to go above asking price to get it.
I am writing and offer on another foreclosure tonight. Again, it will likely take above asking price to get it because it is in great shape and priced right. Other parties will be writing offers as well.
If you can't low ball foreclosure right now, that should be a telling sign that you can't do it to owner occupied homes either.
Do not believe the hype you hear on national television. Most of those news stories are focused on areas with very depressed markets and tons of foreclosures. As far as Ankeny and Iowa go, that is simply not the case here.
RE/MAX Real Estate Center
P: 515-864-6444 (call or text)
#S56865, Licensed to sell Real Estate in Iowa